ICICI Lombard may be first private general insurer to go public this year:

ICICI Lombard, the largest private general insurer in the country, has begun groundwork for its initial public offering (IPO), in what may well be the first public offering by a private general insurer.

The insurer has begun preliminary discussions with investment bankers and is aiming to hit the market in the second half of this financial year, said two people familiar with the matter. The issue is expected to be anywhere between Rs 3,000 and Rs 4,500 crore.

ICICI Lombard is a joint venture between ICICI Bank and Canada-based Fairfax Financial Holdings. The IPO will help shareholders to monetise their holdings and help Fairfax, which currently holds 35 per cent in the joint venture, to divest its stake.